In a petition filed on November 27, 2023, at the Florida District Court, football icon Cristiano Ronaldo found himself entangled in legal troubles due to the promotion of the cryptocurrency exchange Binance. Plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis claimed damages, asserting that Ronaldo’s support for Binance led to their financial losses.
The cryptocurrency exchange has been in collaboration with Ronaldo on NFTs since the middle of 2022.
The plaintiffs argue that users registering for Ronaldo’s NFTs are more likely to invest in unregistered securities. Additionally, the accusation that Binance failed to implement adequate measures against money laundering is a central element of the case.
Ronaldo Should Be Aware of the Sale of Unregistered Securities
According to the application, Ronaldo “coordinated with Binance to promote or actively participate in the offering and sale of unregistered securities.”
The lawsuit suggests that Cristiano Ronaldo knew or should have known that the cryptocurrency exchange Binance sold unregistered crypto securities. Allegedly, considering Ronaldo’s extensive resources and investment experience, it is expected that he would have noticed Binance’s involvement in such activities.
In recent times, Binance has faced a demand for a $4.3 billion payment from U.S. authorities. The company underwent a transitional phase with the departure of former CEO CZ from his position.